SBI has issued a circular instructing all branches that there will be no need to fill any form to exchange 10 notes of Rs 2000 or Rs 20,000 at a time. Apart from this, it is not necessary for people to show any identity card to change so many notes.
In the instructions issued by SBI, the branch managers have been asked to follow these instructions to make the process of note exchange simple and fast.
Significantly, on Friday, the RBI had announced the withdrawal of Rs 2000 denomination notes from circulation. Time till September 30 has been given to return the Rs 2000 notes. A person can change only Rs 20,000 at a time. That is, 10 notes of 2000 rupees will be changed in one go. In this regard, SBI has issued an instruction that no identity card or form will be required to exchange Rs 20,000.
Notes were not printed for four years
Tell that the printing of notes of denomination of Rs 2000 was stopped in 2018-19 itself. Since then till now its trend has declined considerably. At present, only 10 percent of the currency notes in circulation are 2000 rupee notes. While in March of 2018, it had reached close to 31 percent. The Rs 2000 note was introduced to meet the shortage of cash in the market after demonetisation. In the beginning of course people used it but gradually the 2000 note almost disappeared from the market.
SBI clarifies that the facility of exchange of Rs 2000 denomination bank notes upto a limit of Rs 20,000 at a time will be allowed without obtaining any requisition slip pic.twitter.com/TP6t2n9oeJ
— ANI (@ANI) May 21, 2023
What will be its effect
Economists believe that taking out the Rs 2000 note from circulation will not have any effect on the economy or everyday transactions. Former Vice Chairman of NITI Aayog Arvind Panagariya has said that the Reserve Bank of India’s (RBI) decision to recall Rs 2000 currency notes will not have any direct impact on the economy as such withdrawn notes can be replaced by notes of lower denominations at the same price. will be given. Panagariya said that the possible motive behind this step is to make the movement of illegal money more difficult. R Gandhi, former deputy governor of the Reserve Bank of India (RBI), has also agreed with this. He said that the withdrawal of Rs 2,000 bank notes would go a long way in curbing black money.